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Whether you're passing your business along to family members, partners or employees, or selling it to a third party, you'll want to be prepared with a thorough business succession plan.
A succession plan can help make for a smoother transition of your business to new ownership, while also helping to maximize the value of your business.
- Consider starting your succession plan at least 3-5 years ahead
- Write down your plan and keep it updated
- Communicate regularly with stakeholders
- Continue to invest in and build your business
- Discuss your succession plans with your TD Account Manager or Wealth advisor
The sooner you start planning the better. A thorough business succession plan can take up to 3-5 years to complete.
- Create a schedule for leaving the company
- Have a clear transition in mind—define each step and milestone along the way
- Remember to talk your plan through with family members, business partners, stakeholders, your financial advisor and other professionals
How and when you plan to leave your company may be the two most important questions to ask.
- Will you transition your business to family members, partners or employees?
- Will you sell your business to a third party?
- Will you close your business and liquidate assets?
Determining the value of your company is a critical step in creating an effective succession plan—and knowing what to do after you leave.
- Consider finding a qualified professional who can give you an accurate business valuation
- Talk to a TD Wealth advisor about possible investment options for the proceeds of your sale
- Get educated on the tax implications and seek out professional guidance as needed
Transition or sell a business
Acquire a business
If you happen to be acquiring a business from an owner who is retiring or moving on, TD can help. We offer a range of banking solutions made for small businesses. Connect online with an Account Manager dedicated to small business for advice about:
- Opening a small business account
- Business lending and credit solutions
- Credit cards for business
- Small business resources
- Cash flow strategies